Osel Devices IPO: GMP Today, Day 2 Subscription Status And More
The grey market premium (GMP) of Osel Devices is Rs 110 as of 11:55 a.m. today, implying 68.75% gains over the IPO price.
The initial public offer of Osel Devices Ltd., which manufactures LED display systems and hearing aids, opened for subscription on Monday. Investors may apply for shares in the Osel Devices IPO by September 19.
The book-built issue, valued at Rs 70.66 crore, solely comprises a fresh issue of 44.16 lakh shares. Osel Devices' IPO's allotment is likely to be finalised on September 20, with shares being listed on the NSE SME platform, Emerge, on September 24.
Osel Devices IPO Details
The price band for Osel Devices IPO has been set between Rs 155 and Rs 160 per share, with a face value of Rs 10 per share. The minimum application lot size is 800 shares or 1 lot, with retail investors requiring a minimum investment of Rs 1,28,000. For High Net-Worth Individuals (HNIs), the minimum lot size is two lots, or 1,600 shares, with an investment of Rs 2,56,000.
Horizon Management Private Limited is the book-running lead manager for the IPO, while Mas Services Limited is the registrar. Giriraj Stock Broking is the issue’s market maker.
As per the company's red herring prospectus, of the 44,16,000 shares offered - 18.99% is reserved for Qualified Institutions, 14.26% is reserved for Non-Instutitional investors, 33.26% for retail investors and 28.48% for Anchor investors.
The company's promoters are Rajendra Ravi Shanker Mishra and Jyotsna Jawahar, holding a pre-issue shareholding of 98.50%. Following the IPO, their combined stake will be reduced to 71.53%, reflecting the dilution from the fresh issue of shares.
Osel Devices IPO Day 2 Subscription Status
The SME IPO has been subscribed 23.84 times as of 05:16 p.m. on Tuesday.
Qualified Institutions: NIL
Non-Institutional Buyers: 17.62 times
Retail Investors: 40.12 times
Osel Devices IPO GMP Today
The grey market premium (GMP) of Osel Devices is Rs 110 as of 3:59 p.m. on Tuesday, implying 68.75% gains over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 270 per share.
GMP is not an official price quote for the stock and is based on speculation.
Osel Devices IPO: Use Of Funds And Objectives
Osel Devices aims to utilise the net proceeds from the IPO for several key objectives. These include the prepayment or repayment of loans taken by the company, funding working capital requirements, and addressing general corporate purposes.
About Osel Devices Ltd.
Osel Devices Limited was established in 2006, and specialises in manufacturing a wide range of LED display systems and hearing aids. The company's LED display systems cater to commercial applications such as advertising media, billboards, corporate boardrooms, presentations, display promotions, command centres and front signs. Additionally, Osel Devices produces hearing aids to assist individuals with disabilities, the elderly, and those with chronic hearing impairments.
Financial Performance
Osel Devices Limited witnessed significant financial growth between the fiscal year ending March 31, 2024, and March 31, 2023. The company's revenue surged by 62%, rising from Rs 81.96 crore in FY 2023, to Rs 132.69 crore in FY 2024. Its profit after tax (PAT) increased by 180% during the period, jumping from Rs 4.6 crore to Rs 13.05 crore.
The subscription, allotment and listing date has been extended basis the update available on the BSE website.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
